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Topic Review (Newest First)

07-30-2015 07:11 PM

ScottG

Quote:

Originally Posted by pdx.challenger

Yes, you want to believe one way & nothing will change your mind so feel free.

If it had been "let go", many more Challenger owners would have broken timing chains.

No, I meant let your concerns go that this will bankrupt FCA or that CPA's are in cahoots to hide the financial condition of the co.
Neither is the case.

07-30-2015 07:08 PM

pdx.challenger

Quote:

Originally Posted by ScottG

CPA firms don't make a practice of lying for their customers.

Yes, you want to believe one way & nothing will change your mind so feel free.

Quote:

Originally Posted by ScottG

My advice is to let it go.

If it had been let go, many more Challenger owners would have broken timing chains, possibly yourself included.

07-30-2015 02:47 PM

ScottG

Quote:

Originally Posted by RWL11

Sarbanes Oxley is the reason why:
"Provisions of the Sarbanes Oxley Act (aka SOX, SARBOX or S-O) detail criminal and civil penalties for noncompliance, certification of internal auditing, and increased financial disclosure. It affects public U.S. companies and non-U.S. companies with a U.S. presence. SOX is all about corporate governance and financial disclosure.
The Sarbanes Oxley Act requires all financial reports to include an Internal Controls Report. This shows that a company's financial data accurate and adequate controls are in place to safeguard financial data. Year-end financial disclosure reports are also a requirement. A SOX auditor is required to review controls, policies, and procedures during a Section 404 audit.
SOX auditing requires that internal controls and procedures can be audited using a control framework like COBIT. Log collection and monitoring systems must provide an audit trail of all access and activity to sensitive business information.
Sarbanes-Oxley also encourages the disclosure of corporate fraud by protecting whistleblower employees of publicly traded companies or their subsidiaries who report illegal activities. Section 806 of Sarbanes Oxley the Act authorizes the U.S. Department of Labor to protect whistleblower complaints against employers who retaliate and further authorizes the Department of Justice to criminally charge those responsible for the retaliation."Sarbanes Oxley 101: SOX Compliance Requirements for 302, 404, 906

LOL, well that sure took a long time. Regardless of some obscure legal ease you find, CPA firms don't make a practice of lying for their customers. You want to believe one way and nothing will change your mind so feel free.
My advice is to let it go.

07-30-2015 01:33 PM

RWL11

Quote:

Originally Posted by ScottG

You have to understand how financial reports are written. They are done by independent accounting firms that are held to tight legal guidelines and they will not write creative reports to hide anything. They rely on their good name for business and after being involved in dozens of them, I can assure you they will not do anything dishonest.
Now a co. like FCA may report nonsense to the media but that's a whole different issue than the CPA's firms reports.

Sarbanes Oxley is the reason why:
"Provisions of the Sarbanes Oxley Act (aka SOX, SARBOX or S-O) detail criminal and civil penalties for noncompliance, certification of internal auditing, and increased financial disclosure. It affects public U.S. companies and non-U.S. companies with a U.S. presence. SOX is all about corporate governance and financial disclosure.
The Sarbanes Oxley Act requires all financial reports to include an Internal Controls Report. This shows that a company's financial data accurate and adequate controls are in place to safeguard financial data. Year-end financial disclosure reports are also a requirement. A SOX auditor is required to review controls, policies, and procedures during a Section 404 audit.
SOX auditing requires that internal controls and procedures can be audited using a control framework like COBIT. Log collection and monitoring systems must provide an audit trail of all access and activity to sensitive business information.
Sarbanes-Oxley also encourages the disclosure of corporate fraud by protecting whistleblower employees of publicly traded companies or their subsidiaries who report illegal activities. Section 806 of Sarbanes Oxley the Act authorizes the U.S. Department of Labor to protect whistleblower complaints against employers who retaliate and further authorizes the Department of Justice to criminally charge those responsible for the retaliation."Sarbanes Oxley 101: SOX Compliance Requirements for 302, 404, 906

07-30-2015 01:19 PM

19johned53

Quote:

Originally Posted by RNashCPA

Here's some real irony. Even though my TC broke on 11/13/13 and the dealer had the car for four weeks getting approvals and replacement items (such as two brand new heads, all sixteen valve pushrods, etc.) and (I believe) after my constant emailing, phone calls and generally non-stop contact with Pietro and Jill the P01 TC recall came out on 2/12/14, my car still shows the recall as an open item!!!

I am now seriously considering taking it to the dealer and telling them to "do it again".

Very frustrating, for over 16 months I have tried to get them to remove the "open recall" from my records but it remains.

Good Lordy Rick, that's unreal.

I bet if you take it in to have the P01 performed, they'll get the issue resolved quickly. Well, then again, I forgot who we're dealing with! Lost my head for a second

07-30-2015 01:15 PM

RNashCPA

Here's some real irony. Even though my TC broke on 11/13/13 and the dealer had the car for four weeks getting approvals and replacement items (such as two brand new heads, all sixteen valve pushrods, etc.) and (I believe) after my constant emailing, phone calls and generally non-stop contact with Pietro and Jill the P01 TC recall came out on 2/12/14, my car still shows the recall as an open item!!!

I am now seriously considering taking it to the dealer and telling them to "do it again".

Very frustrating, for over 16 months I have tried to get them to remove the "open recall" from my records but it remains.

07-28-2015 10:01 AM

19johned53

I'm not going to "pick sides" on this one.

So much "politics" involved in the government and all their "departments" on how they handle individual cases, and what type of axe, if any, is swung.

That said, there's a ton of "politics" in FCA that lead to this axe getting swung. Sometimes a "Corporate Mindset" gets challenged, and this time it was the government that has questioned this mindset.

Personally, I'm not happy with either side, but each made their own decisions, and now it has to be dealt with.

07-28-2015 09:49 AM

ScottG

Quote:

Originally Posted by pdx.challenger

I'm certain you're not referring to an automotive company & whatever company it was, their financial situation was surely different.

Yes, reports can be presented to appear as desired, especially when seeking a merger. It's not my opinion, nor a secret, that FCA has the lowest profit margin & has been struggling for research & development resources. I encourage you to research the subject.

You have to understand how financial reports are written. They are done by independent accounting firms that are held to tight legal guidelines and they will not write creative reports to hide anything. They rely on their good name for business and after being involved in dozens of them, I can assure you they will not do anything dishonest.
Now a co. like FCA may report nonsense to the media but that's a whole different issue than the CPA's firms reports.

07-28-2015 09:27 AM

pdx.challenger

Quote:

Originally Posted by ScottG

Almost 30 years ago I worked for a co. that recd a $200M fine and it was about 25 cents a share to the stock holders (that's who sill pay this fine). I consider that pennies.

I'm certain you're not referring to an automotive company & whatever company it was, their financial situation was surely different.

Quote:

Originally Posted by ScottG

FCA can easily afford this fine.
As far as not being able to R&D fixes, FCA's financial reports don't suggest they are in that bad of condition.

Yes, reports can be presented to appear as desired, especially when seeking a merger. It's not my opinion, nor a secret, that FCA has the lowest profit margin & has been struggling for research & development resources. I encourage you to research the subject.

07-28-2015 09:25 AM

salvy59

GM issue has fixed all that all ready lol the answer is No!!

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